Trivia Tidbit of the Day: Part 687 -- Privatized Social Security.

Galveston Proves Personal Accounts Work-

More than four years ago now, I wrote about Galveston's privatized Social Security system. The scare tactics about giving people personal accounts rather than the government retirement option are bunk. In the early 1980s, there was an opportunity for opt-out. Galveston took the federal government up on the offer, and their experiment just plain worked.

Social Security is simply an unsustainable pyramid scheme as it is currently set up. It relies on younger generations to pay for the benefits of the older generations. When there are fewer younger people, the system fails.